All Forum Posts by: Brian Mackey

Hello,

I've been living in my house hack for a year now. It's a home that has an ADU in the back.

The ADU is about 600 sqft and needed a complete remodel.

We remodeled it and have been living in it while we AirBnB the front.

I’m thinking now is a good time to get a cash out refinance, as I believe the forced appreciation is substantial.

What kind of steps do I have to do to get a cash out refinance?

Is it as simple as calling up my original lender and discussing it with them? How long does it usually take? Are the interest rates worse for a cash out refinance vs a traditional refinance? What about the closing costs?

Any assistance is appreciated.

@Andrew M.

Dude. House Hack. It’s the best thing I’ve ever done to learn about landlording while building wealth at such a great rate.

Run the numbers on a house hack. Trust me it’ll get you rolling very quickly.

@Michelle Clark

Did you end up doing the deal? I'm looking at one myself.

@Denise Andresen

Was this on private land??

@Andrew Postell

When setting up a heloc or cash out refi out of state, do you have to have a property manager on site to show the house for the appraisal? Can the tenant do it? Is an appraisal always necessary?

Hello,

Came across a listing that has 6 mobile homes on the lot.  5 are owned by tenants who pay lot rent, and one is owned by the seller who rents it out to someone.  I am interested in purchasing but it's advertised as lot/land on zillow.  Is this something that would have to be financed as such?  It seems like financing is less favorable.  Would I be able to use the Mobile Home that comes with the purchase as consideration to make it a traditional investor type loan?  I have reached out to a few lenders, just waiting to hear back.

My long term strategy if I can get this property, is to subdivide the 6 lots, bring in nicer mobile homes, and sell each one on terms while charging lot rent. If anyone has advice on that, it would be appreciated as well :)

Thanks BP!

@Aaron Hearne

Did you ever purchase this park sir??

@Marc Winter

The premium due to proximity is worth it in this particular deal. I currently House hack in the set up I have now literally across the street, and if I decide to rent out my current unit completely this new duplex could act as my second house hack scenario.

It’s a downtown property as well, in an appreciating market.

I really like the 3 offer scenario. I’m assuming with the all cash deal, I offer a very low price so that the other deals look that much more enticing.

Thanks again!

@Mark Durham

Good info. I’ll come firm at the negotiation table without coming across as a jerk.

The tenant in their now is a friend who I can handle...fingers crossed...his niece on the other side is house shopping. I figure worst case scenario for the niece is a cash for keys type transaction.

Appreciate the feedback.

Brian

@Michael Noto

Good stuff!

In chatting and building the relationship (I’ve been helping repair some things around the duplex), he’s the one that has been discussing moving on with the property and the thought of owner financing, he mentioned the tax benefits of it all.

Now he could just be testing the waters to see how much I know and what I would be willing to expose, but he’s definitely keen to the idea of it all...I guess overall I’m eager because I know the power of this property, and the willingness of information he’s been sharing with me.

I’m slow playing it, and building rapport, I just want to have my mind right when it comes to the negotiating.

I’m sending out positive vibes to the universe on this one lol.

Brian